Brazil’s Central Bank to Launch CBDC Pilot in 2022: Report

The final version of the central bank digital currency is expected to come in 2024.

Nov 22, 2021 at 10:59 p.m. UTC
Updated Nov 23, 2021 at 3:00 p.m. UTC

Andrés Engler is a CoinDesk business reporter based in Argentina, where he covers the Latin American crypto ecosystem. He holds no crypto.

The Central Bank of Brazil (BCB) plans to start a pilot program of a digital currency next year, BCB President Roberto Campos Neto said on Friday, according to local media outlet Estadao.

  • In September, the BCB told the Brazilian Senate that it planned to launch the final version of a digital real in 2024, according to estimates made by Fabio Araujo, an economic adviser to the BCB, who added that the monetary authority would conduct initial tests in 2022.
  • Brazil’s central bank has also been discussing a bill to regulate digital assets as an investment vehicle, Campos Neto also said on Friday, without disclosing further details.
  • “[Crypto] is already starting to affect even the national accounts, which means it has become a relevant investment instrument,” Campos Neto noted, adding that crypto purchases are affecting Brazil’s import figures.
  • According to the BCB, Brazilians have acquired $4.27 billion in cryptocurrencies so far in 2021. In August, Campos Neto said that Brazilians held about $40 billion in cryptocurrencies.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Andrés Engler is a CoinDesk business reporter based in Argentina, where he covers the Latin American crypto ecosystem. He holds no crypto.

Andrés Engler is a CoinDesk business reporter based in Argentina, where he covers the Latin American crypto ecosystem. He holds no crypto.

Trending

1
Grayscale Investments to List Its First ETF in Europe

The Grayscale Future of Finance exchange-traded fund will list on the London Stock Exchange, Deutsche Börse and Borsa Italiana.

The Grayscale Future of Finance exchange-traded fund will list on the London Stock Exchange, Deutsche Börse and Borsa Italiana.

2
Indian Central Bank Says Cryptos Could Lead to "Dollarization" of Economy: Report

RBI officials said cryptocurrencies could undermine the central bank's capacity to regulate flow of money.

RBI officials said cryptocurrencies could undermine the central bank's capacity to regulate flow of money.

3
Nigeria’s SEC Affirms All Digital Assets Are Securities in New Rulebook

Rules look to clarify crypto’s role in the economy by providing a regulatory framework.

Rules look to clarify crypto’s role in the economy by providing a regulatory framework.

4
First Mover Asia: Singapore’s Regulators Will Be Eyeing Local Crypto Companies After Terra Collapse; Bitcoin Rebounds

Terraform Labs, the Singapore-registered company behind the Terra protocol, doesn’t have a permanent office in the city-state; most major cryptos spent Sunday in the green.

Terraform Labs, the Singapore-registered company behind the Terra protocol, doesn’t have a permanent office in the city-state; most major cryptos spent Sunday in the green.